A bill to amend the Employee Retirement Income Security Act of 1974 and the Internal Revenue Code of 1954 to permit investment by employee benefit plans in residential mortgages.
Residential Mortgage Investment Act of 1983 - Amends the Employee Retirement Income Security Act of 1974 and the Internal Revenue Code to exempt from specified prohibited transactions: (1) any qualified mortgage transaction engaged in by an employee benefit plan if such transaction received the prior approval of an independent fiduciary; (2) the purchase, retention, or sale by an employee benefit plan of interests in Federal or State guaranteed residential mortgage loans; and (3) any participation or dealings by an employee benefit plan in residential mortgage-backed securities if such securities bear one of the three highest ratings of a nationally recognized rating service.
Prohibits the promulgation of rules or orders which limit, interpret or implement: (1) the exemptions or definitions of this Act; and (2) the term "reasonable rate of interest."
Executive Comment Received From Pension Guaranty Corp.
Introduced in Senate
Read twice and referred to the Committee on Finance.
Committee on Finance requested executive comment from OMB, Treasury Department, Labor Department.
Subcommittee on Taxation and Debt Management. Hearings held. Hearings printed: S.Hrg. 98-869.
Subcommittee on Savings, Pensions, and Investment. Hearings held.
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